EVN Needs over $51 Bln to Develop Power Projects by 2015
State-owned Electricity of Vietnam Group (EVN) said that it needs a total VND832,063 billion (over $51 billion) to build power projects between 2008 and 2015, the Kinh Te Viet Nam & The Gioi (Vietnam & World Economy) newspaper reported, citing EVN sources.
EVN plans to focus on developing power source projects with a combined capacity of 34,765 MW, accounting for 57% of the national additional power capacity.
EVN&rsquos estimation is only based on normal investment rules, which cost $1,600 per kilowatt of hydroelectricity and $1,100 per kW of thermo-power, regardless of price slippage in investment costs and rise in bank loan interest rates.
EVN is currently facing a shortfall of VND58,566 billion ($3.66 billion) reciprocal capital while having to mobilize VND437 trillion ($27.31 billion) bank loans and VND63,473 billion (over $3.96 billion) from its shareholders.
EVN is seeking support from the government, and relevant ministries and agencies to receive maximal official development assistance (ODA) and soft loans for power projects.
All power source projects will be carried out under the joint stock company form with EVN&rsquos stake equity slashing to 51%, the group said.
The 220 kV or more power transmission projects will be invested by the National Power Transmission Corp in the near future while power grid projects with a capacity of 110 kV and the downward will be implemented by power companies, EVN attributed.
Vietnam is fore to lack 8.6 billion kWh of electricity this year. Meanwhile, 32 out of 37 power projects planned for ground broking this year and to be operational in 2008-2010 period are likely to lag behind schedule. (Vietnam & World Economy)
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